Veracyte, Inc. (NASDAQ:VCYT) Receives $39.71 Consensus Price Target from Analysts

Veracyte, Inc. (NASDAQ:VCYT) has been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $39.71.

Several equities analysts recently issued reports on VCYT shares. Needham & Company LLC upped their price objective on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Leerink Partners upped their target price on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Guggenheim assumed coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. Morgan Stanley upped their price objective on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. Finally, Scotiabank raised their target price on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $37.04 on Friday. Veracyte has a one year low of $18.61 and a one year high of $41.43. The stock has a market cap of $2.87 billion, a PE ratio of -248.20 and a beta of 1.67. The business’s fifty day moving average price is $33.77 and its two-hundred day moving average price is $27.43.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter last year, the business posted ($0.03) EPS. The firm’s quarterly revenue was up 28.6% compared to the same quarter last year. As a group, equities research analysts predict that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Evan/ Fa Jones sold 5,173 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 13.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Leite sold 5,479 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the sale, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 6.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in VCYT. KBC Group NV boosted its holdings in Veracyte by 13.7% in the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 323 shares during the last quarter. Inspire Investing LLC boosted its stake in shares of Veracyte by 2.1% during the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock valued at $357,000 after buying an additional 340 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Veracyte by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock worth $94,000 after buying an additional 496 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Veracyte by 6.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock worth $182,000 after buying an additional 530 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in Veracyte by 3.7% in the second quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock valued at $451,000 after acquiring an additional 733 shares in the last quarter.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.